Sharing at the workshop “Promoting and improving the efficiency of financial resources for national economic development in the new context”, on the afternoon of August 26, Dr. Nguyen Bich Lam - former General Director of the General Statistics Office (Ministry of Planning and Investment) introduced terms to unblock investment capital. These are institutional breakthroughs, following market signals, acceptance, trade-offs and especially the establishment of an international financial center.

Regarding institutional breakthroughs, Mr. Lam said that it is necessary to renew viewpoints and perceptions. The Party puts forward viewpoints and policies, from which the National Assembly and the Government concretize them into laws and policies.

To change the perception, it is necessary to propose specific solutions in management and use of resources to promote economic development. In this group, it is necessary to focus resources to completely handle and complete slow-progressing projects in the shortest time.

Currently, investment efficiency is still quite low. Data shows that the investment efficiency index (ICOR) in 2020-2021 is 14.5-15%, down to 5% in 2022, and 7% in 2023, meaning that for every 7 dong of investment capital, you get 1 dong of growth. The reason is that investment is spread out, there are many projects, and investment projects take a long time to put into operation.

Regarding trade-offs, Mr. Lam emphasized that trade-offs are needed to avoid policies being implemented “half-heartedly”, avoiding the situation where policies are good but implementation is poor. In addition, it is necessary to improve efficiency, effectiveness, and strictly implement financial discipline in budget implementation.

Regarding the construction of an international financial center, this construction will help the Vietnamese financial market develop healthily, effectively, keep pace with the international market, attract foreign financial resources, and take advantage of opportunities to shift international capital into Vietnam. From there, it is possible to improve and upgrade the domestic stock market.

Regarding the mobilization of private capital resources, according to Mr. Lam, the mobilization is still stuck in mechanisms and policies. Especially the administrative mechanism, to apply for projects, enterprises have to spend a lot. Therefore, to attract private capital, it is necessary to reform the administrative apparatus. The team of officials needs to avoid harassment and must grasp, give advice and advise enterprises.

Dr. Nguyen Duc Hien - Deputy Head of the Central Economic Commission emphasized the need for unified thinking in the approach to managing, exploiting and effectively promoting financial resources. The release of resources must be associated with synchronous use because this is not a story of the financial sector alone but must innovate sectors and fields, identify key points and avoid spreading.

At the same time, it is necessary to diversify resources, focusing on private resources. Institutions and policies are considered important resources to soon concretize outstanding specific policy models and mechanisms.

Mr. Nguyen